Costco Announces Q4, Year-End Profits Up

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Costco Wholesale Corp. has reported results for the company’s Q4 and fiscal 2013 yearend. The wholesale club retailer saw earnings increase 1.3% in fiscal Q4, and reported same-store sales growth of 3%, missing analyst estimates that comp store sales for the quarter would be up 3.7%. For the quarter ended Sept. 1, Costco reported a profit of $617 million, up from $609 million, a year earlier. Total revenue increased 0.8% to $32.49 billion.

Net income for fiscal 2013 was $2.04 billion compared to $1.71 billion in fiscal year 2012. Net income for fiscal 2013 was positively impacted by a second quarter $62 million tax benefit in connection with the portion of the special cash dividend paid in December 2012 to the Company 401(k) plan participants.

Costco, which currently operates 638 warehouses, said it plans to open up to an additional 11 new warehouses prior to the end of calendar year 2013.